Fisher Asset Management LLC purchased a new position in shares of The Bank of New York Mellon Co. (NYSE:BK – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,400 shares of the bank’s stock, valued at approximately $240,000.
A number of other institutional investors have also recently bought and sold shares of the business. Quilter Plc acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at $446,850,000. Nemes Rush Group LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $27,000. Brown Brothers Harriman & Co. boosted its stake in shares of Bank of New York Mellon by 97.1% in the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after purchasing an additional 300 shares in the last quarter. Duncker Streett & Co. Inc. acquired a new position in Bank of New York Mellon during the 2nd quarter worth about $33,000. Finally, Glass Jacobson Investment Advisors llc acquired a new position in Bank of New York Mellon during the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 81.29% of the company’s stock.
Analysts Set New Price Targets
BK has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on Bank of New York Mellon from $45.00 to $44.00 and set a “hold” rating for the company in a report on Wednesday, October 11th. StockNews.com began coverage on Bank of New York Mellon in a research note on Thursday, October 5th. They set a “hold” rating for the company. Evercore ISI lowered their target price on Bank of New York Mellon from $47.00 to $45.00 in a research note on Thursday, October 5th. Morgan Stanley reduced their price target on Bank of New York Mellon from $48.00 to $46.00 and set an “underweight” rating for the company in a research report on Tuesday, October 3rd. Finally, Bank of America reduced their price target on Bank of New York Mellon from $55.00 to $53.00 in a research report on Tuesday, October 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Hold” and an average target price of $52.40.
Bank of New York Mellon Stock Up 1.5 %
Shares of NYSE BK opened at $47.20 on Monday. The stock’s fifty day moving average is $43.42 and its 200 day moving average is $43.57. The stock has a market capitalization of $36.30 billion, a P/E ratio of 11.08, a PEG ratio of 1.08 and a beta of 1.10. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.71 and a current ratio of 0.71. The Bank of New York Mellon Co. has a 52 week low of $39.65 and a 52 week high of $52.26.
Bank of New York Mellon (NYSE:BK – Get Free Report) last announced its quarterly earnings results on Tuesday, October 17th. The bank reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.12. Bank of New York Mellon had a return on equity of 11.84% and a net margin of 11.81%. The firm had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.32 billion. During the same period last year, the firm posted $1.21 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 4.88 earnings per share for the current fiscal year.
Bank of New York Mellon Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Friday, October 27th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date was Thursday, October 26th. Bank of New York Mellon’s payout ratio is 39.44%.
About Bank of New York Mellon
The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.
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